India continues to remain on a strong footing from a macroeconomic perspective. While crude oil has spiked, it has done so from a relatively low base, making the current price levels around $72–73 per barrel not particularly disruptive. However, if prices rise further to the $85–90 range, concerns over inflation and current account deficit could re-emerge. For now, Sandip believes that trying to predict macroeconomic fallout from just a few days of crude movement is premature. Any market correction, in his view, should be treated as a buying opportunity.
